Biba 2013: Markerstudy eyeing four acquisitions

Motor insurer Markerstudy has signed non-disclosure agreements relating to “three or four” acquisitions, according to group underwriting director Gary Humphreys.

“We’re hoping that one or two of them come off,” Humphreys told Insurance Times at the Biba 2013 conference in London today.

He added that the potential buys were in the retail and underwriting spaces.

His comments come as Markerstudy launched its all-in-one motor claims solution, Synchronicity, at the Biba conference.

The offering brings together the capabilities of several of Markerstudy’s recent acquisitions, including credit hire company Vision Vehicle Solutions, vehicle repair network TCW group and Auto Windscreens to offer brokers and clients a one-stop-shop for motor claims.

Markerstudy group operations director Saleem Miyan said that the new service allowed the company to offer consistent service to clients and brokers because they did not have to refer them to third parties for parts of the claims or repair process.

He added that the company may look to expand its network of body shops around the country, but that otherwise the Synchronicity solution would grow organically.

The motor market is a tough place to do business, with rising competition and falling rates in personal car business in particular.

However, Humphreys insists that there are still profitable niches, such as commercial vehicle and motorcycle.

He added that the move towards data enrichment and credit scoring for underwriting is creating opportunities. Insurers are flocking towards those with the best credit scores, pushing down rates for these desirable risks.

This allows those with the appetite to underwrite customers who may not have the best credit scores – for the right price.

Humphreys said: “It’s not all doom and gloom, but you have to be careful about the rates you charge.”